Kitchen, bedroom and wardrobe retailer Betta Living has slumped into administration, putting hundreds of jobs at risk.
The Oldham-based business, with 24 stores, has collapsed. It employs about 300 people.
The furniture retailer has appointed FRP Advisory to wind down the business after it sent home the majority of staff and closed its stores last Friday.
FRP Advisory said that “rising occupational costs from newer space” had pushed the company into a loss-making position and ”squeezed cash-flow” to unsustainable levels.
The administrators will continue to review the company’s financial position, while seeking a buyer for the business and its assets.
Betta Living has stores across the UK, including Brent Cross, Manchester, Blackpool, Bristol and Lakeside shopping centre.
According to a post on the retailer’s website, it applied to appoint an administrator last Friday, November 4.
The post said: “We anticipate the administrator will be appointed nweek and will consider all options to try and secure the continuation of the business, but at present Betta Living has temporarily ceased to trade.”
Last week Betta Living, founded in 1966, was offering up to 70% off the price of kitchens ordered before Christmas.
The company was formed under the name Betta Bedrooms and became Betta Living when it was taken over by current chairman Noel Dean in 2000. Dean, who previously worked for the Burton Group, merged Better Bedrooms with his own English Kitchen Company.
Rival firm Wren Kitchens has been quick to try and scoop up Betta Living shoppers.
“In order to maintain the public’s trust in the UK kitchen market, Wren have taken the decision to honour any quote provided by Betta Living,” Wren Kitchens posted on its website.
Betta Living partnered with fashion giant Next in 2013 to sell kitchens online and in 13 Next Home and Garden stores.
It launched a second partnership in 2014 with then Tesco-owned Dobbies Garden Centres.
No comment was available from Betta Living.